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TRANSCENDOVERVIEW

009 Key figures for 2014

010 Message from the Chairman of theBoard of Management

012 2014 Titles and Awards

PIONEERING

CORPORATE PROFILE

018 Vision, Mission and Core Values

020 Corporate Milestones

024 Organizational Structure

026 Board of Management

028 Supervisory Committee

028 Executive Committee

032 Businesses

GROWTH

OPERATIONS IN 2014

042 Operational Highlights

044 Financial Summary

046 About Vingroup’s shares in 2014

048 Shareholder Information

050 Investor Relations

FORWARD-LOOKING

MANAGEMENT AND GOVERNANCE

056 Report of the Board of Management

060 Report of the Supervisory Committee

061 Report of the Executive Committee

065 Corporate Governance Report

066 Development Strategy

068 Risk Management

070 Human Resource Management

074 Corporate Culture

TIMELESSNESSSUSTAINABLE DEVELOPMENT

080 Sustainabl e Development Strategy

081 Economic Growth

082 Social Responsibility

083 Environmental Programs

TRANSPARENCY

CONSOLIDATED FINANCIAL STATEMENTS

090 VAS Consolidate d Financial Statements

170 Summary of IFRS Consolidated Financial Statements

176 Reconciliation between VAS andIFRS Consolidated Income Statements

Table of contents


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Tập đoàn Vingroup | Báo cáo thường niên 2014 Tập đoàn Vingroup | Báo cáo thường niên 2014

Vinhomes Central Park

The Landmark81 is an 81-floor tower,the tallest building in Vietnam


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“It always seems impossible until it’s done.” – Nelson Mandela

009 Key figures for 2014

010 Message from the Chairman of the

Board of Management

012 2014 Titles and Awards

OVERVIEW


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Vingroup Joint Stock Company | Annual Report 201408

Overview

Vingroup Joint Stock Company (“Vingroup” or the “Group”)

is one of the largest listed companies by market capitalization

in Vietnam. Vingroup focuses on long-term sustainable growth

by targeting high-quality real-estate development and hospi-

tality. The Company has two principal brands: Vincom and

Vinpearl.

After more than a decade of development, Vincom is Vietnam’s

leading real estate brand with high-end shopping, office and

apartment developments in Vietnam’s largest cities. Vincom

is also leading the trend towards sustainable, luxury urban

townships in Vietnam. Vinpearl is the largest and most recog-

nized Vietnamese hospitality and tourism brand featuring

amusement parks, golf courses hotels, resorts, and beachfront

villas rated five or more stars.

In January 2012, Vinpearl JSC merged with Vincom JSC to form

Vingroup Joint Stock Company.

The Group has developed a diversified portfolio across six busi-

ness segments: Property: Vinhomes – Luxury Apartments &

Villas, Vincom and Vincom Mega Mall – Vincom shopping malls,

Vincom Office – offices for lease, Hospitality and entertain-

ment: Vinpearl Resort and Vinpearl Luxury – five-star resorts and

upscale resorts, Vinpearl Land – amusement parks and family

entertainment centers, Vinpearl Premium – premium resorts

and villas, Vinpearl Golf Club. Retail: VinMart – Supermarkets,

VinMart + – Convenience stores, VinFashion, VinDS – Chain of

speciality retail stores, VinPro – Electronics and appliances, and

Adayroi – Comprehensive E-commerce.

In addition to these three business segments, Vingroup

participates in other segments aimed at improving the quality

of life for the Vietnamese people. Among these segments are

Healthcare: Vinmec – Quality healthcare services, Education :

Vinschool – Quality education, and Agriculture: VinEco – Trusted

quality source of food and Vingroup’s newest business sector.

Vingroup continues to pioneer and lead consumer trends

in all its businesses through offering quality products and

introducing a modern life-style experience to the Vietnamese

consumers.

The Group is proud to set the standard for private enterpris-

es, built by Vietnamese people and marked by traditional

Vietnamese characteristics of intelligence, daring and

ambition.

As a leading private group that successfully balances sustain-

able and dynamic development in Vietnam, Vingroup has the

potential to achieve leadership at the regional and internation-

al levels.

Overview

TOTALOWNERS’ EQUITY

NET REVENUE

MARKET CAPITALIZATION

PROFIT BEFORE TAX

students attendedVinschool in the first

academic year

employees

Over

visitors a year toVinpearl Land

TOTAL ASSETS

VND BILLION

VND BILLION

VND BILLION

VND BILLION

VND BILLION

Key figuresfor 2014


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Vingroup Joint Stock Company | Annual Report 2014 Vingroup Joint Stock Company | Annual Report 201410 011

Message from the Chairman of the Board of Management

Dear Valued Shareholders,

On behalf of the Board of Management (BOM) and Executive

Committee, I would like to extend our warmest greetings and

wish you health, happiness and success!

Ladies and Gentlemen,

In the past few years, the global and domestic economies

encountered a series of challenges. Thousands of enterprises

have struggled with the possibility of business closure while

hundreds of thousands of workers lost their jobs. It certainly

has been a tough time for business.

Despite the economic downturn, Vingroup has met and

overcome these challenges. At the end of 2013, foreseeing

the economic fluctuations and aiming to strengthen the

internal organization of the company, the Group’s Board of

Management and management team made the decision to

restructure our management system following the theme

“Transform to Succeed.” In 2014, Vingroup successfully

completed the decentralization of its operational model into

management by business sector P&Ls.

The watershed transformation has helped Vingroup overcome

the difficulties and challenges to expand into new areas. The

Group has established five core business sectors: Property,

Hospitality and Entertainment, Retail , Healthcare, and

Education.

Our core business sectors together create an ecosystem of

complementary and synergistic operations. This business

ecosystem sets a new standard in the market with the mission

“to create a better life for the Vietnamese people.”

In 2014, after reorganizing the company structure, Vingroup

also executed its aggressive growth plan to expand its opera-

tions into key cities nationwide.

In Ho Chi Minh City, Vingroup broke ground on VinhomesCentral Park, one of the most advanced luxury urban commu-

nities in Vietnam and the largest mixed-use project Vingroup

has created to date.

In Phu Quoc, Vingroup’s new resort complex, Vinpearl Phu

Quoc, has become a growth engine for local tourism.

In Quang Ninh, the Vincom Ha Long mall commenced oper-

ations in late 2014 and has become the shopping and enter-

tainment destination for Ha Long and surrounding areas. This

project marked the launch of Vingroup’s national retail mall

expansion strategy.

Simultaneously, Vingroup launched supermarket chain VinMart

and convenience store chain VinMart+ on a nationwide basis.

The Group also i ntroduced other key businesses inclu ding

VinFashion (fast fashion for Vietnamese), VinPro (electronics

and appliances), VinDS (a chain of specialty retail stores), and

Adayroi (comprehensive e-commerce).

Vinmec high quality healthcare services and Vinschool high

quality education also recorded impressive growth with the

start of construction on four new hospitals and the opening of

Vinschool with enrollment of 6,300 K-12 students.

With pioneering yet practical steps towards sustainable devel-

opment, Vingroup in 2014 achieved record revenue of VND27.7

trillion, a 51% increase over 2013. This was the highest revenue

in the Group’s history and puts Vingroup in the exclusive ranks

of Vietnamese companies with revenues over a billion USD.

Also in 2014, Vingroup created more than 8,500 new jobs,

increasing the total number of employees to 17,000. Vingroup

is now ranked the best place to work in the property, architec-

ture, and design sectors, and similarly tops the list in the invest-

ment, accounting, auditing, pharmacy, healthcare service and

biotechnology sectors. Vingroup has the confidence to lead

the changes now taking place in its business sectors.

The company is proud to have pioneered a new standard of

living in Vinhomes urban communities, a new standard in

shopping and entertainment at Vincom shopping malls, new

opportunities to enjoy Vinpearl’s 5-star-and-above upscale

resorts, world-class healthcare services at Vinmec, and

high-quality education at Vinschool.

In 2015, Vingroup will enter the agriculture business under the

VinEco brand. VinEco will provide customers with a trusted

quality source of food for current and future generations of

Vietnamese while leveraging Vietnam’s advantages in agricul-

tural products for export to the global market.

Economic indicators point to progressive stabilization and

recovery, and the ASEAN Economic Community (AEC) will

be established in 2015. Vingroup’s key tasks this year are to

effectively manage the P&Ls of our operating businesses, to

leverage all of our resources to accelerate the development of

new projects and to keep to our schedule for new openings.

Vingroup is determined to achieve a breakthrough year withmajor projects now being developed in Hanoi, Ho Chi Minh

City, Nha Trang, Can Tho, and Ha Tinh.

The Group will continue to expand the coverage of its

ecosystem of Vingroup products and services throughout

Vietnam with six core businesses: Property, Hospitality and

Entertainment, Retail, Education, Healthcare, and Agriculture.

Key goals for 2015 are to have a breakthrough year, to

maintain the leading position in our core business sectors,

and to continue identifying new and promising businesses

to enter. All of Vingroup’s efforts are to realize the mission “to

create a better life for the Vietnamese people.”

In addition, Vingroup will continue to strengthen operations

by implementing a major overhaul of management systems to

increase operational efficiencies in order to ensure sustainable

development in the coming years.

On behalf of the Board of Management, I would like to express

our gratitude to you for your trust, support and partnership.

We believe that through our carefully chosen strategies,

Vingroup will achieve our goals in 2015 and the years to come,

maintaining our market-leading position as one of the premier

companies in the region, while protecting and enhancing the

long-term interests of shareholders and making even greater

contributions to society.

Sincerely yours,

Message From the Chairman of

the Board ofManagement

Chairman of the Board of Management

Pham Nhat Vuong

Our key tasks in 2015 are to leverage

all of our resources to accelerate

the development of new projects,

to keep to our schedule for new

openings, and to effectively manage

our operating businesses.

Overview


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2014 Titles and Awards

2014 Titles and Awards

“Top 100 ASEANCompanies 2014”

by Standard and Poor’s

(S&P), one of the world’s

three most respected

independent credit rating

firms.

“Best Retail Developerin Vietnam”

by Euromoney, for the

second time.

“Region’s BestBorrower – Vietnam”

by FinanceAsia.

“Best RetailDevelopment inVietnam” for VincomMega Mall Royal City

by Asia Pacific Property

Awards 2014.

“Largest Private SectorCorporate Taxpayer”

by the V1000 list, which

honors outstanding

enterprises making major

contributions to the

State Budget of Vietnam,

released by Vietnam

Report JSC in collabora-

tion with the Tax Review

Magazine, the General

Department of Taxation,

and online newspaper

VietNamNet.

“Vietnam ExcellentBrand”– 7th conse-cutive year

by Vietnam Economic

Times in collaboration with

Vietnam Trade Promotion

Agency (Ministry of Trade).

“Best Developer inVietnam”

by South East Asia

Property Awards 2014.

“Top Ten Five-starHotels 2014” forVinpearl ResortNha Trang – 6th

consecutive year

by Vietnam Tourism

Awards 2013, Vietnam

National Administration

of Tourism, Ministry

of Culture, Sports and

Tour ism and Viet nam

Tourism Association.

Overview


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Vinpearl Premium Da NangLocated at the most prime location

of Non Nuoc beach


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A great location still needs vision to be a prime destination.

018 Vision, Mission and Core Values

020 Corporate Milestones

024 Organizational Structure

026 Board of Management

028 Supervisory Committee

028 Executive Committee

032 Businesses

CORPORATE IDENTITY


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Corporate Identity Vision, Mission and Core Values

Vision, Missionand Core Values

VISION

True to its pioneering ambition, Vingroup aims to consolidate

and extend its lead among private, multi-sector businesses in

Vietnam and the region, and to establish its reputation as an

international brand.

Vingroup also aspires to build a brand that projects Vietnam’s

national pride to the international community.

MISSION

Market: To provide unique, creative, premium products and

services of outstanding quality that meet international stan-

dards and exceed customer expectations while reflecting local

tastes and upholding Vietnamese cultural values.

Shareholders and Partners: To uphold the cooperative spirit

of mutual development and to commit to becoming the

“Number One Companion”of our par tners and shareholders

by creating sustainable value over the long-term.

Employees: To build a professional, creative, dynamic, and

humane work environment, providing all employees oppor-

tunities for career advancement based on their skills and

contributions.

Society: To demonstrate corporate social responsibility and

national pride by harmonizing corporate benefits with commu-

nity contributions.

CORE VALUES:CREDIBILITY – INTEGRITY – CREATIVITY– SPEED – QUALITY – HUMANITY

Credibility: Vingroup vigorously protects its Credibility as one

would protect one’s own honor. The Company is always fully

prepared to execute its plans and spares no effort towards

meeting its goals.

Integrity: Vingroup considers Integrity a foundation of its busi-

ness. We comply fully with the law and maintain the highest

level of professional and social ethics. Customers come first.

Creativity: We value creativity highly as a source of leverage in

our development, and uphold the spirit “dare to think, dare to

do”aimed at building an organization eager to learn.

Speed: Vingroup considers speed and efficiency in every

activity as a guiding principle. We practice “fast decision – fast

investment – fast deployment – fast sales – fast change and

quick adaptation.”

Quality: The Group operates under the principle – Best People

– Best Products and Services – Best Life – Best Society.

Humanity: Vingroup develops the human spirit by valuing

employees as our most important resource, creating the basis

for fairness, integrity, unity and strength.

SLOGAN

Vingroup – Where the Best Gather and Grow

• Vingroup is where talented people meet and work

together to achieve the common goals of success and

social development.

• Vingroup’s people are ambitious, highly talented and

qualified in their respective fields.

• All members of the Vingroup family are treated equally,

given opportunities and placed in the most favorable

conditions to maximize their individual talents.

• The Group aims to build the Best People, the

Best Products and Services, the Best Life, and the

Best Society.

LOGO

The Vingroup logo shows a bird flying towards the sun,

representing our strong desire to reach new heights and our

determination to achieve great success.

The bird’s wings are in the shape of the letter V to stand for

Vietnam and Vingroup’s national pride, as well as for victory – a

goal that Vingroup continuously strives to achieve.

The five stars below the bird represent Vingroup’s five-star

standard criteria and principles.

The two colors red and yellow are from Vietnam’s national flag,

expressing Vingroup’s pride in Vietnamese identity, spirit and

intelligence.


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Corporate Milestones

March

The Vinpearl cable car linking Phu

Quy Pier and Hon Tre Island (3,320meters in length) was launched.

The Company also opened

Vinpearl Resort Nha Trang, raising

the total number of five-star guest

rooms to 485.

In addition, Vingroup successfully

organized the first Miss Vietnam

World at Vinpearl Nha Trang,

thus establishing its reputation

as a major destination for beauty

contests and events.

Vinpearl Land was opened,

turning formerly arid Hon TreIsland into a luxury tourist

destination – a symbol of the

rapid growth of tourism in Nha

Trang, Khanh Hoa in particular and

Vietnam in general.

The Company successfully

organized and hosted the Miss

Vietnam 2006 at Vinpearl Land.

July

Hon Tre Tourism and Trading

Limited Liability Company (sincerenamed Vinpearl JSC) was estab-

lished in the coastal city of Nha

Trang, Khanh Hoa province.

May

Vietnam General Commercial

JSC (since renamed Vincom JSC)was founded with initial charter

capital of VND196 billion.

The five-star Vinpearl Resort Nha

Trang commenced operation.

November

Vincom Ba Trieu (Towers A and B)

was launched to introduce themodern shopping experience to

the Capital.

July

Vingroup officially listed its shares on

the Ho Chi Minh City Stock Exchangeunder the ticker “VIC.”

2001 2002 2003 2004 2006 2007

History

Vingroup Joint Stock Company (JSC) was established through

the merger of two companies: Vincom JSC and Vinpearl JSC in

January 2012.

Vinpearl JSC, formerly known as Hon Tre Tourism and Trading

Investment and Development Limited Liability Company, was

established on 25 July 2001 in Nha Trang, Khanh Hoa province

and primarily engaged in the resort, tourism, hospitality and

recreation sectors. The Company’s portfolio includes projects

in popular tourism destinations throughout Vietnam such as

Ha Long, Khanh Hoa – Nha Trang, Da Nang, Binh Dinh and

Phu Quoc.

Vincom JSC, formerly known as the Vietnam General

Commercial JSC, was founded in Hanoi on 3 May 2002. Its

operations are focused on large-scale mixed-use development,

sales and management and include shopping malls, offices,

and luxury apartments and villas. The Company has developed

large-scale shopping complexes in major cities across the

country, including Hanoi, Ho Chi Minh City, and Ha Long.

Corporate Identity Corporate Milestones


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August

Vingroup opened the retail

component of Vincom Ba Trieu

Tower C.

Fourth quarter

Vingroup completed construction

and handed over luxury apart-

ments at Vincom Ba Trieu.

It became the first Vietnamese

company to successfully issue

USD100 million of convertible

bonds on the Singapore Exchange

(SGX).

January

Vingroup became a

foundation member of

the World Economic Forum(WEF).

April

Vingroup entered the

Vietnamese education sector

with Vinschool, a school

system extending from

kindergarten to high school.

May

A consortium led by

Warburg Pincus, a leading

global private equity firm

focused on growth capital,

invested USD200 million in

a strategic partnership with

Vincom Retail, a subsidiary

of Vingroup, to substantially

expand the group’s commer-

cial property business.

Acquisition International

recognized this investment

as “Real Estate Deal of the

Year 2013.”

July

Vingroup opened Vincom

Mega Mall Royal City,

Asia’s largest underground

combined entertainment

and shopping complex.

July

Vingroup broke ground for one of

the most modern and luxurious

urban areas in Vietnam –Vinhomes Central Park in Ho

Chi Minh City. Vingroup also

announced its strategy to expand

Vinmec into a network of ten

hospitals throughout the country

over the next five years and to

establish the Vinmec Medical

University in 2015.

September

Vingroup was honored with four

prestigious awards:

“Best Retail Developer in Vietnam”

from Euromoney

“Top 100 ASEAN Companies 2014”

from Standard and Poor’s (S&P)

“Region’s Best Borrower – Vietnam”

from FinanceAsia

“Vinpearl Resort Nha Trang – One

of the Top 10 Five-star Hotels

2014”from Vietnam Tourism

Awards 2013.

Vinschool K-12 school opened at

Times City with 6,300 students

from kindergarten to high school.

October

Vingroup launched the VinMart

and VinMart+ brand.

Vincom Ha Long opened, increas-

ing the number of shopping malls

under the Vincom brand to a total

of six.

April

Vingroup opened Vincom Dong

Khoi in Ho Chi Minh City

(Vincom B).

Vingroup successfully hosted the

second Miss Vietnam World and

Miss Earth at Vinpearl Resort

Nha Trang.

November

Vingroup successfully issued

a USD200 million interna-

tional bond. FinanceAsianamed this transaction “Best

Vietnam Deal 2013,”whilst

IFRS Asia called it “Vietnam

Capital Markets Deal of the

Year 2013.”

December

Vingroup opened Vincom

Mega Mall Times City, new

Vinschool facilities, and

Vinmec International Hospi-

tal at Times City.

During 2013, Vingroup

delivered thousands of

apartments at Vinhomes

Royal City and Vinhomes

Times City.

November

Vinpearl Phu Quoc, a five-star hospitality

complex was officially opened after only

over ten months of construction – arecord performance for a property of

this size and complexity.

VinMart and VinMart+ opened their

first nine supermarkets and

convenience stores.

Vingroup opened for sale Vinhomes

Nguyen Chi Thanh – Ha Noi, a new

mixed-use project in the heart of

the Capital.

December

Vingroup was ranked as the Largest

Private Sector Corporate Taxpayer in

Vietnam based on 2013 financial results.

Vingroup broke ground for the 81-floor

Landmark81 in the urban area Vinhomes

Central Park. The Landmark81 is expect-

ed to be over 380 meters tall, setting

a new record for the tallest building in

Vietnam.

Vingroup opened Almaz, a luxurious

convention, restaurant, shopping and

entertainment center in Vinhomes

Riverside.

End of December 2014: Vingroup

announced a new premium resorts and

villas brand, Vinpearl Premium, with

locations at Nha Trang, Phu Quoc and Da

Nang, and also announced the sales of

hundreds of Vinpearl Premium villas.

May

The five-star Vinpearl Luxury

Nha Trang and Vietnam’s first

island golf course Vinpearl GolfClub – Nha Trang were opened

simultaneously, marking the

completion of the key

components of Vinpearl Nha

Trang, the Company’s first

hospitality complex, in

development and operation for

over a decade.

July

Vacation resort Vinpearl

Premium Da Nang opened as

Vinpearl’s new resort.

December

Vincom Long Bien commenced

operation at Vinhomes Riverside.

At the same time, Vingroup

relocated its Head Office

to the Vinhomes Riverside

ecological area, located in

Long Bien district, Hanoi.

January

The merger with Vinpearl JSC

raised total charter capital to

approximately VND5.5 trillionand a development strategy was

approved for the Group to be

operated under the new entity:

Vingroup JSC.

Vingroup officially launched

the Vinmec brand and put into

operation Vinmec International

Hospital.

April – July

A successful issuance of

USD300 million of international

convertible bonds listed on the

Singapore Exchange. FinanceAsia

recognized this as the

“Best Vietnam Deal 2012.”

October

Vincom A Ho Chi Minh City – a

luxury retail, food and beverages

complex, commenced operation.

Subsequently, Vingroup’s full

interest in the project was sold

and recognized in 2013.

November

Vingroup was honored as “Best

Developer – Vietnam”by Euro-

money and Vinhomes Riverside

was honored with “Best Villa

Development – Vietnam”at the

Southeast Asia Property Awards

2012 in Singapore.

2009 2010 2011 2012 2013 2014

Corporate Identity Corporate Milestones

Corporate Milestones CONT.


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VinEcom LLC

VinPro LLC

VinDS LLC

VinGS General Services

Trading LLC

ANNUAL

GENERAL MEETING

EDUCATION AGRICULTURE

Board of Management

Chairman

PHAM NHAT VUONG

CEO

DUONG THI MAI HOA

COUNCILSSPECIALIZED

COMMITTEES

SUPERVISORY COMMITTEE

PROPERTYHOSPITALITY

& ENTERTAINMENTRETAIL HEALTHCARE

MARKETINGDEPARTMENT

SHAREHOLDER&

INVESTORRELATIONS

DEPARTMENTOF

PUBLICRELATIONS

INVESTMENTDEPARTMENT

HUMANRESOURCE

DEPARTMENT

LEGALDEPARTMENT

FINANCE DEPARTMENT

INFORMATIONTECHNOLOGY

DEPARTMENT

PLANNINGDEPARTMENT

RISK MANAGEMENT

DEPARTMENT

PROJECTSUPERVISORY &

CONSTRUCTIONDEPARTMENT

INTERNALSUPERVISORY

DEPARTMENT

BUSINESS SUPERVISORY

DEPARTMENT

TENDERING& PROCUREMENT

DEPARTMENT

SUPPLY CHAINDEPARTMENT

INTERNALSECURITY &

FIRE DEPARTMENT

VinEco Agricultural

Investment Development

and Production LLC

Vinhomes Vinpearl JSC

Vinpearl Land

Amusement LLC

Vinhomes 1 Real Estate

Trading LLC

Vinhomes 2 Real Estate

Trading LLC

Vinhomes Property

Leasing LLC

Vinhomes PropertyManagement LLC

Vinpearl Hotel

Management Company

Vinpearl Golf

Course Management

Vincom Retail JSC

Vincom Office LLC

VinMart

Supermarket JSC

VinFashion JSC

Vinmec International

General Hospital JSC

Vinmec Medical

University

Vinschool

Kindergarten System

Vinschool Multi-Level

Education System

Vincom Construction LLCs

Vincom Security LLC

Organizational Structure

OrganizationalStructure

Corporate Identity


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Board of Management

Chairman of theBoard of Management

Mr. Pham Nhat Vuong

Mr. Pham Nhat Vuong was appointed to the BOM in May 2002

and elected Chairman in November 2011. He has a long track

record as an entrepreneur both inside and outside Vietnam,

reflected in his establishment and development of the Group’s

core businesses, including two initial brands Vincom (the leading

brand in real estate) and Vinpearl (the leading brand in tourism,

hospitality and recreation). He continues to develop an ecosys-

tem including quality products and services of Vingroup with

the mission “to create a better life for the Vietnamese people.”

Prior to the Group’s establishment in 2002, he was the founder

and honorable Chairman of Technocom Limited Company

(Ukraine) from 1993 to 2009. He graduated with a bachelor’s

Board of Management

degree in Geological Economic Engineering from Moscow

Geology University in Russia in 1992.

In 2012, he was recognized as Vietnam’s first billionaire by

Forbes Magazine, and continues to maintain this sole position

in 2013 and 2014.

The Group believes its growth and development have bene-

fited significantly from Mr. Pham Nhat Vuong’s leadership and

influence.

The Board of Management (BOM) is appointed at the Annual

General Meeting (AGM) and entrusted with the full power to

exercise all rights and responsibilities on the Group’s behalf

except those under the jurisdiction of the AGM. The BOM

comprises ten members with the following rights and duties:

• Deciding the Group’s development and business plans

and finalizing the annual budget.

• Establishing operational goals pursuant to the strategic

goals approved by the AGM.

• Reporting to the AGM on the Group’s business perfor-

mance, planned dividends, financial statements, business

strategies and general business conditions.

• Developing the Group’s organizational structure and oper-

ational rules.

• Other rights and duties in accordance with statuto-

ry regulations, the Group Charter and resolutions of

the AGM.

Current Members of the BOM

01. Mr. Pham Nhat Vuong – Chairman of the BOM

02. Ms. Pham Thuy Hang – Vice Chairwoman of the BOM

03. Ms. Pham Thu Huong – Vice Chairwoman of the BOM

04. Ms. Nguyen Dieu Linh – Vice Chairwoman of the BOM

05. Ms. Vu Tuyet Hang – Vice Chairwoman of the BOM

06. Mr. Le Khac Hiep – Vice Chairman of the BOM

07. Ms. Mai Huong Noi – Member of the BOM

08. Mr. Ling Chung Yee Roy – Member of the BOM

09. Mr. Marc Villiers Townsend – Member of the BOM

10. Mr. Joseph Raymond Gagnon – Member of the BOM

Corporate Identity

LEADING THE DEVELOPMENT OF HIGH

QUALITY PRODUCTS AND SERVICES SYSTEM

OF VINGROUP WITH THE MISSION “TO CREATE

A BETTER LIFE FOR THE VIETNAMESE PEOPLE.”


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Supervisory Committee/ Executive Committee

Supervisory Committee

Executive Committee

CEO

Ms. Duong Thi Mai Hoa

Ms. Duong Thi Mai Hoa was appointed CEO as of 11 February

2014. Before joining the Group, she had 20 years of experience

and held senior leadership positions at multi-national corpo-

rations and commercial banks in Vietnam where she acquired

deep experience in finance and banking. She was Corporate

Banking General Director at Maritime Bank, General Director

of Vietnam International Bank (VIB), Deputy General Director

and Head of Retail Banking of VIB, CFO of VIB, CFO of Oracle

Vietnam – the global firm’s local branch, Chief Accountant

at Credit Lyonnais Bank’s Vietnam operation and Head of

Financial Planning Group of VMEP, one of Chinfon’s Vietnam

subsidiaries.

The S upervisory Committee (SC) is elected by the Group’s

AGM. The SC has five members with five-year terms. Key tasks

of the SC include:

• Monitoring BOM and Executive Committee management

and administration practices.

• Inspecting the validity, legality, transparency, corpo-

rate governance and prudence of business operations,

important business transactions, accounting and statis-tical practices, as well as financial reporting.

• Evaluating the business reports, annual and semi-annual

Financial Statements of the Group, reporting on evalua-

tions by the BOM and submitting the evaluation report of

the above issues to the shareholders at the AGM.

• Conducting other rights and obligations of the SC as

described in the law, the Group Charter and resolutions

of the AGM.

Current Members of the Supervisory Committee

01. Mr. Nguyen The Anh – Head of the SC

02. Mr. Dinh Ngoc Lan – Member of the SC

03. Ms. Nguyen Thi Van Trinh – Member of the SC

04. Ms. Do Thi Hong Van – Member of the SC

05. Ms. Hoang Thuy Mai – Member of the SC

The Executive Committee is appointed and dissolved by the

BOM. As of 31 December 2014, the Executive Committee

consisted of a Chief Executive Officer (CEO), six Deputy CEOs

and one Chief Accountant. The Deputy CEOs and the Chief

Accountant support the CEO by fulfilling the tasks entrusted to

them. The Executive Committee’s key responsibilities include:

• Organizing the implementation of the AGM and BOM

resolutions, especially those related to the Group’s annual

business and investment plans.

• Deciding day-to-day matters related to the Group’s busi-

ness activities that do not require resolutions from the

AGM or the BOM.

The CEO also has the following responsibilities:

• Managing and supervising the Group’s day-to-day

operations.

• Executing contracts and other obligations on the Group’s

behalf.

Current Members of the Executive Committee

01. Ms. Duong Thi Mai Hoa – CEO

02. Ms. Mai Huong Noi – Deputy CEO

03. Ms. Nguyen Dieu Linh – Deputy CEO

04. Ms. Vu Tuyet Hang – Deputy CEO

05. Mr. Pham Van Khuong – Deputy CEO

06. Mr. Dang Thanh Thuy – Deputy CEO

07. Ms. Nguyen Thi Diu – Deputy CEO

08. Ms. Nguyen Thi Thu Hien – Chief Accountant

Corporate Identity

THERE WERE CLEAR SIGNS OF NATIONAL AND

GLOBAL ECONOMIC RECOVERY IN 2014, AND

VINGROUP ENJOYED OUTSTANDING GROWTH

LED BY COMPLETION OF SOME MAJOR

PROJECTS AND CONTINUED EXPANSION AND

IMPRESSIVE GAINS IN NEW BUSINESS AREAS.


16/90


Corporate Identity Executive Committee

Ms. Nguyen Thi Diu

Deputy CEO

Ms. Nguyen Thi Thu Hien

Chief Accountant

Ms. Mai Huong Noi

Member of the BOM

cum Deputy CEO

Ms. Duong Thi Mai Hoa

CEO

Ms. Nguyen Dieu Linh

Vice Chairwoman of the BOM

cum Deputy CEO

Ms. Vu Tuyet Hang

Vice Chairwoman of the BOM

cum Deputy CEO

Mr. Dang Thanh Thuy

Deputy CEO

Mr. Pham Van Khuong

Deputy CEO


17/90


Businesses

Businesses

REAL ESTATELUXURY APARTMENTS AND

VILLAS VINHOMES

Vinhomes is Vingroup’s brand for high-quality, luxury, serviced

apartments and villas. The Vinhomes brand has set a new stan-

dard of superior value, which has contributed to the reputation

of Vingroup’s urban areas as being the most livable in Vietnam,due to their location, convenience and amenities.

All Vinhomes urban areas are located in prime locations

in Hanoi and Ho Chi Minh City. All of Vinhomes residential

developments are built with the following features: luxurious

accommodations, professional and personalized services,

environmentally-sensitive construction, community-building

activities, emphasis on security and safety, and co-location of

a comprehensive set of facilities.

With a great effort and a transformation initiative in terms of

strategy, tactics, personnel, business systems, operations and

supporting departments, Vinhomes has decisively addressed

the residential market through rapid growth and the achieve-

ment of dominant market share in many key cities throughout

the country. This market position provides a platform for

breakthrough growth in the future.

Vinhomes properties include:

• Vinhomes Royal City (Hanoi)

• Vinhomes Times City (Hanoi)

• Vinhomes Riverside (Hanoi)

• Vinhomes Nguyen Chi Thanh – Hanoi

• Vinhomes Dong Khoi (Ho Chi Minh City)

• Vinhomes Central Park (Ho Chi Minh City)

QUALITY SHOPPING MALLS VI NCOM RETAIL

Vingroup’s Vincom Retail subsidiary is the l eading shopping center operator in Vietnam. Vincom Retail employs two brands,

Vincom and Vincom Mega Mall, in order to differentiate between the two classes of shopping centers. Vincom uses the advan-

tage of large scale to achieve an ideal combination of shopping and entertainment. Through the quality of space and the

style of architecture, Vincom provides the advantages of luxury, broad selection, and comfort in shopping and entertainment

destinations. In just a few short years, the business unit has set a new standard in shopping and entertainment for Vietnam.

Vincom shopping malls:

Vincom’s world-class shopping malls are located in prime loca-

tions of major cities throughout Vietnam, including:

• Vincom Ba Trieu (Hanoi)

• Vincom Long Bien (Hanoi)

• Vincom Ha Long (Quang Ninh)

• Vincom Dong Khoi (Ho Chi Minh City)

Vincom Mega Malls:

Vincom Mega Malls are all-in-one shopping malls that provide

customers with a wide selection of high-quality retail and

entertainment experiences such as waterparks, ice rinks,

aquariums. At present, there are two Vincom Mega Malls

located in the Hanoi area:

• Vincom Mega Mall Royal City

• Vincom Mega Mall Times City

OFFICES FOR LEASE VINCOM OFFICE

Vincom office buildings are located in major financial and economic centers and are designed to maximize natural light, save

energy and create a modern, professional and efficient working environment. The properties have been selected as the head-

quarters of financial institutions and embassies and also home to several Vietnamese and foreign organizations and companies.

Vincom Office properties include:

• Vincom Office Royal City

• Vincom Office Times City

30,000

25,000

20,000

15,000

10,000

5,000

0

C A G R * : 6 2

%

20142013201220112010

Unit: VND billion

REVENUE FROM SALE OF PROPERTIES

2010 2014

21,772

14,658

5,333

1,3713,128

2004Year

Total number of

shopping malls

Total areaGFA (sqm)

2009 2010 2012 2013 2014 2015

1 1* 2 3 5 6 30

27,103 42,489 93,273 131,333 482,913 513,690 1,000,000

Target

Corporate Identity

(*) Compound Annual Growth Rate

(*) Vincom Ba Trieu (Tower C) commenced operation.

2014 was a pivotal year for Vincom Retail as it participated in the Group’s transformation initiatives to ready itself for future

growth. In 2015, Vincom Retail aims to reach 30 shopping malls throughout Vietnam encompassing more than 1 million square

meters of modern retail space.


18/90


HOSPITALITY VINPEARL

Vinpearl is the market-leading hospitality and tourism brand of

Vingroup. Beginning from Vinpearl Nha Trang and after more

than a decade of development, Vinpearl now owns a chain of

luxury hotels and resorts throughout Vietnam. These include

Vinpearl Resort (five-star resorts), Vinpearl Luxury (upscale

resorts), Vinpearl Premium (premium resorts and villas) and

Vinpearl Golf Club.

Vinpearl five-star and upscale resorts include:

• Vinpearl Resort Nha Trang

• Vinpearl Luxury Nha Trang

• Vinpearl Resort Phu Quoc (Phase 1)

Vinpearl premium resorts and villas include:• Vinpearl Premium Da Nang

• Vinpearl Premium Nha Trang Bay (under construction)

• Vinpearl Premium Phu Quoc (under construction)

• Vinpearl Premium Golf Land (under construction)

Vinpearl Golf Clubs include:

• Vinpearl Golf Club – Nha Trang

• Vinpearl Golf Club – Phu Quoc

Vinpearl had a productive 2014. Vinpearl Phu Quoc was

completed and put into operation on schedule after only ten

months of construction, and the Vinpearl Premium brand was

launched late in the year. In 2015, three Vinpearl projects will

be finished, including Vinpearl Premium in Nha Trang and Phu

Quoc, and the first resort in North Vietnam, Vinpearl Resort

Ha Long.

HIGH QUALITY HEALTHCARE

SERVICES VINMEC

The leading healthcare system in Vietnam carries the Vinmec

brand, owned by Vingroup. Vinmec, with a team of highly skilled

experts and doctors together with advanced modern medical

equipment and international-standard inpatient rooms and

comprehensive, professional, world-class services, has made

many great contributions to Vietnam’s healthcare industry.

Thus, Vinmec serves as a prestigious medical facility trusted by

many customers. Pro-activeness, discipline, determination and

result-orientation are priority qualities at Vinmec, just as they are

at all of Vingroup’s other units. That has led to positive, sustain-

able results. The secret to success for Vinmec moving forward

is the solid momentum in 2015 with the expected opening of

new Vinmec International Hospitals in Phu Quoc, Ho Chi MinhCity, and Nha Trang. In addition, construction of Vinmec Ha Long

International Hospital is currently underway.

Vinmec properties include:

• Vinmec International Hospital (Times City)

• Vinmec International Clinic (Royal City)

• Vinmec International Clinic (Ho Chi Minh City)

ENTERTAINMENT VINPEARL LAND

Vinpearl Land is the entertainment brand of Vingroup, offer-

ing high-quality amusement parks and family entertainment

centers. Located in Vingroup’s resorts and mixed-use develop-

ments nationwide, Vinpearl Land has the same large-scale and

high quality as other regional and global recreational theme

parks.

Vinpearl Land properties include:

• Vinpearl Land Nha Trang

• Vinpearl Land Royal City

• Vinpearl Land Times City

• Vinpearl Land Ha Long

• Vinpearl Land Phu Quoc

During 2014, Vinpearl Land developed a human resource

system populated with a staff of young, enthusiastic and

passionate employees who share the goal of attracting and

entertaining visitors. Vinpearl Land further expanded with

the opening of Vinpearl Land Ha Long and Vinpearl Land Phu

Quoc. Peak visitors reached tens of thousands per day.

In 2015, Vinpearl Land aims to spread the brand through-

out key cities nationwide to build trust and credibility with

customers.

QUALITY EDUCATION VINSCHOOL

As a high-quality K-12 school system, Vinschool benefited from

its development strategy, infrastructure and the investment

focus of Vingroup. Vinschool aims to create a generation of

young Vietnamese whose education is dynamic and well-rounded

so that students will be fully equipped with knowledge and skills

for international integration while still grounded by Vietnamese

tradition and culture. In 2014, Vinschool expanded its scale to

a total of 6,300 students. With its educational philosophy of

“comprehensive development of future generations,”Vinschool

has gained the trust of students and parents. In the next few

years, the Vinschool business unit plans to expand to a total of

22 schools nationwide.

Vinschool facilities include:

• Vinschool Kindergarten – Times City

• Vinschool Kindergarten – Royal City

• Vinschool Kindergarten – Vinhomes Riverside

• Vinschool Elementary School – Times City

• Vinschool Secondary and High School – Times City

124,740

56,782

67,958

116,639

72,335

44,304

70,122

31,288

101,410

5,379

11,639

150,242

66,819

83,423

C A G R * : 9 0

%

2013201220112010 2014

NUMBER OF VISITS TO VINPEARL

2010 2014

I nt er na ti on al v is it or s D om es ti c v is it or s

6,260

60,000

40,000

20,000

00,000

80,000

60,000

40,000

20,000

0

2013201220112010 2014

NUMBER OF VISITS TO VINPEARL LAND

2010 2014

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

1,768,953

1,237,1711,210,772988,707

3,257,627

C A G R * : 3 5

%

2013201220112010 2014

TOTAL NUMBER OF VISITS TO VINMEC

2012 2014

I npa ti ent s er vi ces Ou tpa ti ent s er vi ces

250,000

200,000

150,000

100,000

50,000

86,525

78,792

7,733

43,987

41,417

2,570

200,076

186,577

13,499 C A G

R * : 1 1

3 %

0

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

2013

1,059

2012 2014

6,300

TOTAL NUMBER OF STUDENTS

2013 2014

C A G R

* : 4 9 5 %

Corporate Identity Businesses

HOSPITALITY ENTERTAINMENT HEALTHCARE EDUCATION

(*) Compound Annual Growth Rate (*) Compound Annual Growth Rate


19/90


CONSUMER RETAIL

VINMART, VINDS, VINPRO,

VINFASHION, AND ADAYROI

In 2014, Vingroup built on its retail brand equity to expand its

footprint in a number of new sectors of the retail marketplace.

VinMart – Supermarkets and

VinMart+ – Convenience stores

VinMart and VinMart+ are Vingroup’s consumer

and retail brands that provide customers with

exceptional shopping experience and value.

VinMart supermarkets and VinMart+ convenience

stores have wide coverage across the countryand are located in densely populated areas with

convenient transportation.

VinMart’s mission is to earn customers’trust with

the slogan “Quality of life for every household.”

VinMart has proven to Vietnamese customers

that its stores are reliable shopping destinations

in terms of product origin and quality, service

and prices, and VinMart can provide customers

with a completely new shopping style and

satisfaction.

VINDS

VINMART& VINMART+

VINPRO

VINFASHION

ADAYROI

Fast fashion for the Vietnamese

VinFashion’s EMIGO brand’s slogan is “Dressing

up Vietnam.”By the end of 2014, after 6 months

of operations, EMIGO has six stores in Hanoi

and Ho Chi Minh City. In 2015, EMIGO plans

to build on this base to reach even more

fashion lovers.

Chain of specialty retail stores

VinDS is a new retail segment within Vingroup with a chain

of specialty retail stores offering a wide range of products

including cosmetics, shoes, sportswear, furniture and house-

hold appliances. With this unique model, VinDS’s targets are to

dominate the retail market of these product categories and to

offer Vietnamese consumers both a broad range of products as

well as a newer shopping style.

Electronics and appliances

VinPro is an entirely new brand within

Vingroup’s Retail business segment.

VinPro was launched in early 2015 with

a set of product offerings that includes

smartphones, laptops, tablets, electron-

ics, and home appliances.

Comprehensive E-commerce

In 2014, Adayroi took the very first steps in its journey to

conquer Vietnam’s e-commerce market. The firm has been

building a solid foundation for launching and promises to

break new grounds in the coming years. By bringing the

unprecedented convenience of ecommerce to all customers,

Adayroi aims to gradually change Vietnamese shopping

culture to fit the pace of modern life.

Corporate Identity Businesses


20/90


Vincom Ha LongCommenced operation in October 2014


21/90

Maintain leadership with continuous growth.

042 Operational Highlights

044 Financial Summary

046 About Vingroup’s shares in 2014

048 Shareholder Information

050 Investor Relations

OPERATIONS

IN 2014


22/90


Vingroup Updates Healthcare Strategy

In July, Vingroup began construction of Vinmec International

Hospital in Phu Quoc and announced a five-year develop-

ment strategy for its entire healthcare system. Vinmec will

develop ten high-quality hospitals nationwide and establish

the Vinmec Medical University in Hung Yen. These plans formthe foundation of Vingroup’s long-term vision in the premium

healthcare services sector.

Vinschool Becomes the Education Phenomenon

of 2014

In September, Vinschool in Times City welcomed the inaugural

batch of K-12 students and instantly became an admis-

sions phenomenon by enrolling a total of 6,300 students.

Vinschool’s success in enrolling students and the quality

of its education offerings are evident in these enrollment

figures, confirming Vingroup’s commitment to education and

demonstrating the trust placed in Vinschool by students and

their parents.

Vingroup Leads the Private Sector as 2014’s

Largest Taxpayer and Is Named Among “Top 100

ASEAN Companies” by Standard & Poor’s Credit

Rating Agency

In May, Vingroup topped the list of private-enterprise taxpayers

for the State Budget of Vietnam and was the first private enter-

prise to earn a place among the top ten corporate taxpayers.

This ranking recognizes Vingroup’s significant contribution to

the State Budget of Vietnam and reflects the Group’s continu-

ing growth in revenues and profitability during 2014.

Vingroup was the only Vietnamese real estate company

named among the “Top 100 ASEAN Companies” by Standard

and Poor’s (S&P), a leading international credit rating agency,

and is one of only two Vietnamese enterprises to meet the

criteria in credit ratings, market capitalization, transparency of

information and market leadership, necessary to make the list.

Credit ratings given by S&P are considered a reliable indicator

used by sovereigns, fixed-income issuers and investors.

Vingroup Announces Two New Retail Chains,

VinMart and VinMart+

In October, Vingroup launched a new brand in the retail

sector. The brand will be carried by two chains of stores:

supermarkets network VinMart and convenience stores

network VinMart+. Both chains will operate nationwide.VinMart supermarkets ranging from 3,000 to 15,000 square

meters, while VinMart+ convenience stores range from 150

to 300 square meters. In November, VinMart and VinMart+

commenced operation and both chains have expanded their

store count at a rapid rate and plans call for networks of 100

supermarkets and 1,000 convenience stores nationwide

by 2017.

Grand Opening of Vincom Ha Long

In October, Vincom Ha Long commenced operations, increas-

ing the total number of shopping malls under the Vincom

brand to six. Vincom Ha Long is Vingroup’s first project in

Quang Ninh Province and the first shopping mall developed by

Vincom Retail that is not located in one of Vietnam’s two major

cities, Hanoi and Ho Chi Minh City. This project represented

major progress in expanding Vingroup’s retail real-estate offer-

ing on a nationwide basis. Notably, Vincom Ha Long led to the

establishment of many other major projects in Quang Ninh.

Vingroup Launches Vinpearl Premium – Premium

Resorts and Villas Brand

In December, Vingroup announced a new vacation prop-

erty brand, Vinpearl Premium, a brand dedicated to five-

star resorts and vacation villas. Throughout the system,

Vinpearl Premium has a total of 1,500 hotel rooms and 830

villas in four projects located in Nha Trang, Phu Quoc and

Da Nang.

Vingroup Honored with National and

International Awards

During 2014 Vingroup and its business units received many

prestigious national and international awards. Vincom Mega

Mall Royal City won the “Best Retail Development Vietnam” at

the Annual Asia Pacific Property Awards.

In September, Vingroup received the highest score for “provid-

ing the best real estate products and services”and was chosen

“Best Retail Developer in Vietnam” by the world’s leading

financial magazine, Euromoney.

In the financial community, Vingroup was voted “Region’s Best

Borrower – Vietnam”by FinanceAsia.

In the hospitality sector, Vinpearl Resort Nha Trang was ranked

one of the “Top 10 Best five-star Hotels”in Vietnam for the sixth

consecutive year.

Group’s revenue over 1 billion USD

For 2014, Vingroup’s consolidated net revenue reached

VND27.7 trillion, and the Group contributed VND4.2 trillion

to the State Budget, 60% increase compared to 2013. Net

revenue of approximately USD1.3 billion puts Vingroup in the

exclusive ranks of Asia-Pacific companies with revenues over a

billion USD and helped to raise the Group’s regional and global

economic profile.

With more than 17,000 employees, Vingroup has demon-

strated a leading role in all business sectors and continues to

create new trends by providing the market with innovative

quality products and services “to create a better life for the

Vietnamese people.”

Operations in 2014 Operational Highlights

10 Operationalhighlights in 2014

Vinhomes Central Park Groundbreaking and

Vinhomes Nguyen Chi Thanh – Ha Noi Sales Launch

During 2014, Vingroup began construction and sales of

two major luxury projects in Hanoi and Ho Chi Minh City. In

July, construction started on Vinhomes Central Park in the

Binh Thanh District of Ho Chi Minh City. The project has atotal planned investment of VND37.7 trillion on land area of

42.2 hectares. Vinhomes Central Park is Vingroup’s first mega-

scale mixed-use project in the Southern market. The project

features a distinctive component: Vietnam’s tallest building,

The L andmark81 over 380m, which began constru ction in

December 2014.

In Hanoi, Vingroup began sales of Vinhomes Nguyen Chi Thanh

– Hanoi in November. This project is located in one of the most

desirable areas in Hanoi and features an advanced, modern

design with private gardens for apartments, a luxurious touch

that is rare in Vietnam. These features make Vinhomes Nguyen

Chi Thanh – Hanoi one of the leading high-end projects

announced in Hanoi during 2014.

Together, Vinhomes Central Park and Vinhomes Nguyen Chi

Thanh – Hanoi have become the center of attention in the

market with sales exceeding projections.

Grand Opening of Vinpearl Phu Quoc

In November, after just over ten months of construction,

Vingroup opened the five-star premium resort and hospitality

complex, Vinpearl Phu Quoc. As the largest and most luxurious

hospitality project on the island, Vinpearl Phu Quoc represents a

transformation for the hospitality market in Phu Quoc.

Furthermore, in 2014, Vingroup also commenced and

accelerated the development of many other Vinpearl projects

across the country.

1

2

3

4

5

6

7

8

9

10


23/90


Financial Summary

Financial Summary

2014 2013 2012

Indicator (VND)

Net revenue 27,723,633,371,036 1 8, 37 7, 63 8, 84 5, 70 6 7 ,9 04 ,4 72 ,8 49 ,0 72

Cost of goods sold 17,284,911,479,916 1 1, 34 6, 98 4, 12 8, 30 7 4 ,0 92 ,0 56 ,1 74 ,3 34

Gross profit 10,438,721,891,120 7 ,0 30 ,6 54 ,7 17 ,3 99 3 ,8 12 ,4 16 ,6 74 ,7 38

Operating profit 5,383,641,995,457 9 ,6 06 ,5 81 ,4 19 ,1 23 2 ,5 63 ,4 99 ,4 67 ,4 07

Profit from divestitures of equity stakes 111,050,324,885 5,671,793,229,484 393,757,169,880

Operating profit from core businesses 5,272,591,670,572 3,934,788,189,639 2,169,742,297,527

Profit after tax 3,776,045,741,483 7 ,1 49 ,2 88 ,1 20 ,5 57 1 ,8 46 ,6 67 ,9 24 ,5 25Profit after tax from divestitures

of equity stakes86,619,253,410 4,253,844,922,113 295,317,877,410

Profit after tax from core businesses 3,689,426,488,073 2,895,443,198,444 1,551,350,047,115

EBITDA1 8,568,084,958,380 1 1, 62 6, 10 9, 86 1, 05 2 3 ,9 06 ,5 53 ,3 56 ,1 82

Total assets 90,485,307,199,860 7 5, 77 2, 64 8, 42 5, 79 5 5 5, 82 4, 87 5, 80 4, 67 6

Total liabilities2 63,200,673,940,820 5 7, 15 6, 10 5, 58 4, 50 7 4 4, 95 1, 24 4, 54 4, 49 5

Loans and borrowings 3 33,336,013,772,819 2 7, 38 3, 63 5, 28 0, 01 4 2 1, 82 8, 66 5, 65 9, 87 1

Total owners’Equity 27,284,633,259,040 1 8, 61 6, 54 2, 84 1, 28 8 1 0, 87 3, 63 1, 26 0, 18 1

Indicator

Source: VAS Consolidated Financial Statements for 2012, 2013, 2014

(1) EBITDA = (Profit before tax + Interest expense + Depreciation and amortization) – Other income and interest on deposits.

(2) Including Advance of VND6,581,278,862,138 from customer, Deferred revenue of VND6,586,084,426,957 and Payment ofVND7,847,174,664,786 from customer under deposit, loan and other agreements.

(3) Loans and Borrowings from credit agencies and other organizations, Loans and Borrowings = Short-term loans and borrowings + Long-term loans & borrowings.

(4) Excluding Advance from customer, Deferred revenue and Payment from customer under deposit, loan and other agreements.

Operations in 2014

2014 2013 2012

Gross profit margin (%) 37.65 38.26 48.23

Operating profit margin (%) 19.42 52.27 32.43

Net profit margin (%) 13.62 38.90 23.36

Net revenue growth (%) 50.86 132.50 241.63

Profit after tax fromcore businesses growth (%)

27.42 86.64 270.17

Total liabilities4 / Total Owners’Equity (times) 1.55 1.88 2.50

Profit after tax/ Total Owners’Equity (ROE) (%) 13.84 38.40 16.98

Earnings per share (EPS) (VND/ share) 2,447 5,310 1,819

30,000

25,000

20,000

15,000

10,000

5,000

0

2013

18,378

14,658

3,720

2012

7,904

2,571

5,333

2014

27,724

21,772

5,952

Recurring revenue

Unit: VND billion

Sale of properties revenue

TOTAL NET REVENUE 2012 2014

C A G R * : 8 7

%

30,000

25,000

20,000

15,000

10,000

5,000

0

2013

18,617

2012

10,874

2014

27,285

Unit: VND billion

TOTAL OWNERS’EQUITY 2012 2014

C A G R * : 5 8

%

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

2013

11,626

2012

3,907

2014

8,568

Unit: VND billion

EBITDA 2012 2014

C A G R * : 4 8

%

100,000

90,000

80,000

60,000

70,000

40,000

50,000

30,000

20,000

10,000

0

2013

75,773

2012

55,825

2014

90,485

Unit: VND billion

TOTAL ASSETS 2012 2014

C A G R * : 2 7

%

12,000

10,000

8,000

6,000

4,000

2,000

0

2014

10,439

3,776

2012

Unit: VND billion

GROSS PROFIT AND NET PROFIT 2012 2014

Gross profit Net profit after tax

2013

7,031 7,149

3,812

1,847

Unit: %

ROE AND ROA 2012 2014

ROE ROA

70

60

50

3.31

9.44

4.17

38.40

16.9813.84

40

30

20

10

0

201420132012

(*) Compound Annual Growth Rate


24/90


25/90


Shareholder Information

Transactions by key executives and related parties in 2014

Major shareholders holding over 5%As of 31 December 2014

Insider holdingsAs of 31 December 2014

No Name Number ofshares held

Ownershippercentage (%)

1 Mr. Pham Nhat Vuong 423,233,801 29.10

2 Ms. Pham Thu Huong 72,981,753 5.02

3 Vietnam Investment Group JSC 180,145,441 12.38

4 Ecology Investment and Development JSC 123,524,946 8.49

Total 799,885,941 54.99

Tittle Name – Position Number of shares held(share)

OwnershipPercentage (%)

Board ofManagement

Mr. Pham Nhat Vuong – Chairman 423,233,801 29.10

Ms. Pham Thuy Hang – Vice chairwoman 48,740,005 3.35

Ms. Pham Thu Huong – Vice chairwoman 72,981,753 5.02

Ms. Nguyen Dieu Linh –Vice chairwoman, Deputy CEO

111,966 0.01

Ms. Vu Tuyet Hang –Vice chairwoman, Deputy CEO

15,502 0.00

Mr. Le Khac Hiep – Vice Chairman 0 0

Ms. Mai Huong Noi – Member, Deputy CEO 0 0

Mr. Ling Chung Yee Roy – Member 0 0

Mr. Marc Villiers Townsend – Member 0 0

Mr. Joseph Raymond Gagnon – Member 0 0

ExecutiveCommittee

Ms. Duong Thi Mai Hoa – CEO 0 0

Mr. Pham Van Khuong – Deputy CEO 909,419 0.06

Mr. Dang Thanh Thuy – Deputy CEO 141,483 0.01

Ms. Nguyen Dieu Linh –Vice chairwoman, Deputy CEO

111,966 0.01

Ms. Vu Tuyet Hang –Vice chairwoman, Deputy CEO

15,502 0.00

Ms. Mai Huong Noi – Member of BOM, Deputy CEO 0 0

Ms. Nguyen Thi Diu – Deputy CEO 0 0

SupervisoryCommittee

Mr. Nguyen The Anh – Head of SC 5,955 0.00

Mr. Dinh Ngoc Lan – Member 839 0.00

Ms. Nguyen Thi Van Trinh – Member 0 0

Ms. Do Thi Hong Van – Member 0 0

Ms. Hoang Thuy Mai – Member 0 0

Chief Accountant Ms. Nguyen Thi Thu Hien – Chief Accountant 87 0.00

Authorized

spokesperson

Ms. Nguyen Dieu Linh –

Vice chairwoman, Deputy CEO111,966 0.01

Total 546,140,810 37.55

ShareholderInformation

No Name Relationshipwith internalshareholders

Number of shares heldprior to the transaction

Number of shares heldafter the transaction

Rationale

Shares (%) Shares (%)

1 Vinpearl JSC

Ms. Vu Tuyet Hangis Chairwoman cumCEO of Vinpearl JSCMr. Dang Thanh Thuyis Member of Boardcum Deputy CEO ofVinpearl JSC.Mr. Nguyen The Anhis Head of SupervisoryCommittee ofVinpearl JSC.Mr. Dinh NgocLan is Memberof SupervisoryCommittee ofVinpearl JSC.

0 0 35,398,107 1 2.43Receive transferof shares

2 N gu yen Kh ac Cuo ngMs. Nguyen DieuLinh’s father

217,362 0.01 0 0 Transfer of shares

3 Mai Tat ToMs. Mai Huong Noi’sfather

499,598 0.03 0 0 Change in ownership

4 Be Thi ThuanMs. Mai Huong Noi’smother

151,709 0.01 26,435 0.002 Change in ownership

5 Mai Huong NoiMember of Boardcum Deputy CEO 87,004 0.006 0 0

Change in ownership

6 N gu yen Ta t T ha ngMs. Mai Huong Noi’shusband

20,926 0.001 0 0 Change in ownership

7 Mai Thu ThuyMs. Mai Huong Noi’ssister

167,471 0.01 9,391 0.0006 Change in ownership

8 Pham Van Khuong Deputy CEO 3,137,964 0.21 611,580 2 0.04 Transfer of shares

(1) Number of shares has increased to 52,636,985 shares as Vinpearl JSC received dividend by shares.

(2) Number of shares has increased to 909,419 shares as Mr. Pham Van Khuong received dividend by shares.

Operations in 2014


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Investor Relations

Investor Relations

The Group maintains an active investor relations program to

handle inquiries, disclose Group information, and manage rela-

tions with shareholders, investors, analysts and other interested

parties. Vingroup is committed to equitable treatment of all

shareholders, including minority and foreign shareholders. The

company encourages all shareholders to exercise their voting

rights regularly. Minority shareholders are given the right to

propose the holding of a meeting as well as the right to proposeitems in the agenda of the meeting, provided that the items are

for legitimate business purposes and in accordance with the law,

jurisprudence and best practices.

Disclosure and Transparency

Vingroup is committed to providing its shareholders and the

public timely and accurate information on the Company and its

businesses. I nformation is prepared and disclosed in accordance

with the highest quality standards of accounting and financial

and non-financial disclosure. Investor presentation materials as

well as news and financial releases of the Group may be viewed

and downloaded from its website www.vingroup.net.

In addition to quarterly conference calls following the release

of financial results, Vingroup also hosts regular briefings and

meetings with investors and analysts to keep them updated on

the Group’s various projects, financial and operational results.

Many of these events feature access to senior management to

answer questions regarding strategy and operational focus. The

third annual Vingroup Tour took place in November 2014 with

the participation of more than 40 investment funds and securi-

ties firms. Via prior appointment, investors and analysts are also

able to visit project sites in Hanoi, Ho Chi Minh City, Da Nang,

Phu Quoc and Nha Trang to see the developments firsthand.

Investor relations executives and senior management also

participate in a number of third party events in multiple coun-

tries to further ensure access for all investors. During 2014,the Group was represented and gave presentations at several

conferences organized by leading financial institutions and

bulge-bracket investment banks. In addition, the Group also

attended the World Economic Forum in Davos, Switzerland,

and the WEF Annual Meeting of the New Champions 2014

in China.

Vingroup’s Investor Relations department will continue to

uphold the best practices in the future. We strive to steadily

increase the number of appearances and investor contact

opportunities as well as even more prompt responses to inves-

tor and analyst inquiries. The Investor Relations department can

be reached via email at [email protected].

VINGROUP IS COMMITTED TO PROVIDING ITS

SHAREHOLDERS A ND THE PUBLIC TIMELY AND ACCURATEINFORMATION ON THE COMPANY AND ITS BUSINESSES ON

ITS OFFICIAL WEBSITE WWW.VINGROUP.NET.

Operations in 2014


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Vinpearl Phu QuocFive-star resort with the first international-standard

27-hole golf course in Phu Quoc


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Today’s foundation is tomorrow’s success.

056 Report of the Board of Management

060 Report of the Supervisory Committee

061 Report of the Executive Committee

065 Corporate Governance Report

066 Development Strategy

068 Risk Management

070 Human Resource Management

074 Corporate Culture

MANAGEMENT AND

GOVERNANCE


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Management and Governance Report of the Board of Management

Report of theBoard of Management

In 2014, Vingroup completed a record number of landmark

projects and ended the year with impressive achievements

across all business segments including property, retail, hospi-

tality and entertainment, healthcare, and education.

The Macro-Economy in 2014

During Vietnam’s 5-year socio-economic development plan

(2011 to 2015), 2014 marked the first year that the nation

achieved nearly all (13 out of 14) of its macroeconomic targets.

This progress provided the foundation for improved growth in

the years to come.

Specifically, GDP grew 5.98% in 2014, the highest growth rate

since 2012. The agriculture, forestry and aquaculture sector

grew 3.49% against 2.64% in 2013; the industrial and construc-

tion sector had breakthrough growth of 7.14% compared with

5.43% in 2013; and the service sector increased 5.96% over the

previous year. In 2014, foreign trade turnover rose to USD150

billion in exports, an increase of 13.6%, with imports reaching

USD148 billion, an increase of 12.1% over 2013. Vietnam’s trade

surplus was USD2 billion, the highest since 2012, contributing

to the continued stability of the exchange rate and the liquidi-

ty of the foreign exchange market.

The i nflow of foreign direct i nvestment (FDI) also contrib-

uted to an outstanding year with total registered capital of

USD20.23 billion, exceeding plan by 19%. Vietnam’s real estate

sector attracted FDI of more than USD2.5 billion, accounting

for 12.6% of Vietnam’s total registered capital.

The consumer price index (CPI) increased by 1.84% in 2014

compared to 2013, the lowest increase of the last thirteen

years. The government continues control inflation successful-

ly, stabilizing input costs and commodity prices, stimulating

consumption, and promoting economic growth.

Recovery in the Property Market

Along with growth in the economy, 2014 saw the property

market turn a page, encouraging the return of both domestic

and foreign investors. The number of successful real estate

transactions increased, especially in the Southern market.

Ministry of Construction statistics indicate a significant upward

trend in the real estate market. The total number of completed

transactions in Hanoi and Ho Chi Minh City doubled over the

previous year. Real estate mergers and acquisitions also grew

significantly in terms of both volume and transaction value,

marking a strong return of the secondary market. According

to the Ho Chi Minh City Real Estate Association, new investors

have restarted struggling projects. The real estate market

was helped by this trend, since it helped to clear inventories,

improved debt collection and supplied products that met

customers’needs and financial capabilities. According to real

estate experts, the property market bottomed out in 2014 and

is now on an upward trend. In the overall picture of recovery,

the strongest parts of the property market appear to be the

middle and high-end segments, especially properties in prime

locations with many amenities and from developers with

strong reputations.

Overall, property markets benefited from macro-economic

trends, government policy support, improvements in product

quality and more effective promotion programs.

8.00

6.00

4.00

2.00

0.00

2013

5.42

2012

5.03

2011

5.89

2010

6.78

2014

5.98

Source: General Statistics Office of Vietnam

GDP GROWTH OF VIETNAM 2010 2014

Unit: %

12.5

12

11

11.5

10.5

10

9.5

2013

11.51

2012

10.46

2011

1111

2010 2014

12.35

Source: Foreign Investment Agency – Ministry of Planning and Investment

Unit: USD billion

DISBURSED FDI IN VIETNAM 2010 2014

Source: CBRE

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

SUCCESSFUL RESIDENTIAL TRANSACTIONS IN HANOI 2012 2014

Unit: number of apartments

High-end

Mid-end

Low-end

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4

Vingroup Operations in 2014

The national economy experienced clear signs of recovery in

2014, and Vingroup enjoyed outstanding growth thanks to the

efforts its management and employees. Vingroup achieved

impressive business results in 2014: consolidated net revenue

reached VND27.7 trillion and gross profit recorded VND10.4 tril-

lion, increases of 51% and 48%, respectively, compared to 2013.

Profit after tax from core businesses contributed VND3.7 trillion,

an increase of 27% over the previous year.

Residential property sector

Vingroup handed over to buyers thousands of apartments

with comprehensive facilities. The Company achieved the

highest sales of properties in its history, VND21.8 trillion or a

49% increase over 2013, due largely to handing over units at

Vinhomes Times City, Vinhomes Royal City, and final payments

for Vinhomes Riverside. The Group is now beginning the pre-sale

of two new projects, Vinhomes Central Park in Ho Chi Minh City

and Vinhomes Nguyen Chi Thanh in Hanoi, while simultaneously

developing Phase 2 of Vinhomes Times City – Park Hill.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

SUCCESSFUL RESIDENTIAL TRANSACTIONS IN HO CHI MINH CIT Y 2012 2014

Unit: number of apartments

High-end

Mid-end

Low-end

Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4

Source: CBRE


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Shopping malls

Vincom expanded its chain to sites outside Hanoi and Ho Chi

Minh City with the grand opening of Vincom Ha Long in the

province of Quang Ninh. This expansion raised the total number

of shopping malls to six and increased Vincom’s total retail

space to 513,690sqm. The occupancy rate for all of Vincom’s

shopping malls remained high, due to superior amenities such

as shopping areas, food courts, cinemas and amusement parks.

The high occupancy rate strengthened Vingroup’s reputation in

the retail market.

Vincom Retail was also active in preparing for further expansion

in the retail market, with plans to grow the Vincom mall chain

nationwide. Construction has begun on six new shopping malls:

Vincom Le Thanh Tong – Hai Phong, Vincom Nguyen Chi Thanh

– Hanoi, Vincom Xuan Khanh – Can Tho, Vincom Ngo Quyen – Da

Nang, Vincom Hung Vuong – Hue, Vincom Thu Duc, and Vincom

Mega Mall Thao Dien – Ho Chi Minh City.

Retail sector

Vingroup’s retail market expansion also included the launch

of the VinMart supermarket and VinMart+ convenience store

chains. At the end of 2014, VinMart and VinMart+ had a total

of 23 supermarkets and convenience stores in major cities and

provinces across the country. As part of its expansion strategy,

Vingroup also rolled out a series of new retail store brands such

as VinFashion (fast fashion for Vietnamese), VinDS (chain of

specialty retail stores), and VinPro (electronics and appliances).

Vingroup is also preparing to launch its e-commerce brand,

Adayroi, together with other consumer retail brands to grab the

dominant market share.

Hospitality and Entertainment Sector

Vingroup opened a new resort complex, Vinpearl Resort Phu

Quoc, in 2014 after just over ten months of construction. This

opening more than doubled the total number of hotel rooms in

Vinpearl Resorts to 1,600 at the end of 2014.

Vinpearl welcomed 150,242 guests, an increase of 20% over

2013. Foreign tourists accounted for 56% of the total. Revenue 1

totaled VND1.35 trillion, up 29% over 2013. Vinpearl launched

a new brand, Vinpearl Premium, offering premium resorts and

villas, to differentiate its highest-end hotels and vacation prop-

erties. The business unit is now accelerating construction of its

projects in Nha Trang, Da Nang and Phu Quoc.

Vinpearl Land (theme parks) also had a successful year with

total revenue1 of VND905 billion, a 59% of increase over 2013.

Vinpearl Land opened two new properties in 2014, Vinpearl

Land Phu Quoc and Vinpearl Land Ha Long.

Healthcare Services

Vinmec achieved revenue1 of VND670 billion, an increase of

133% over 2013. Vinmec recorded growth both in the number

of patients served and the number of surgeries performed, with

tens of thousands of patients and thousands of surgeries. As

part of the expansion of its international-standard healthcare

system, Vingroup started construction of Vinmec Phu Quoc

Hospital and announced plans to develop ten hospitals and a

medical university within the next five years.

Education Sector

During 2014, Vinschool opened its K-12 school and increased

the total number of students in its schools to 6,300. In only two

years, Vinschool already has achieved remarkable progress and

strengthened its reputation with an educational philosophy

that stresses comprehensive skills development for future

generations.

Management System

To achieve its results in 2014, Vingroup emphasized its inherent

strengths, especially its management system framework ofprocesses and procedures to ensure the company can fulfill all

tasks required to achieve its objectives. Perhaps 2014 should

be remembered as the year of “Vingroup Transformation”

as the company successfully decentralized decision making

while maintaining proper controls throughout. After twelve

consecutive months, the new “Bottom-line Focus”has spread

throughout the Group to all of the business units, which have

grown in both scale and management sophistication.

All of the Group’s functional departments and divisions have

gained a full understanding of their responsibility for controlling

profit and loss, ensuring consistency and efficiency throughout

the entire system. Vingroup is implementing a governance

system that is in line with international practices and will enable

the Company to effectively manage its growth and profitability

as its scale and complexity continue to increase.

Challenges and Opportunities in 2015

According to World Bank (WB), 2014 will be the platform for

economic growth in 2015 for developing countries such as

Vietnam. Due to the low price of oil and global interest rates,

global economic growth is forecasted to reach 3% in 2015 and

3.3% in 2016.

The stabilizing global economy will support Vietnam’s economy

and maintain current growth momentum in 2015. The World

Bank forecasts Vietnam GDP growth to be 5.6 % and 5.8% in 2015

and 2016, respectively.

In 2015, the Vietnamese government will concentrate on enhanc-

ing macroeconomic stability, resolving difficulties in production,

restructuring the economy, transforming the national economic

growth model, improving efficiency and competitiveness, and

striving for higher growth. In addition, the Government also aims

to accelerate the restructuring of State-owned enterprises and

the stock market as previously planned. These changes should

attract diversified domestic and international investment, while

supporting the equitization of State-owned enterprises and

resolving bad debts.

During 2015, the property market is expected to receive

wide-ranging support from policies, laws, and regulations recent-

ly approved by the National Assembly and the Government.

Among these changes, the Amended Housing Law and the

Amended Real Estate Business Law are the two most anticipated

laws, which take effect on 1 July 2015. These changes will ease

conditions for foreigners to purchase and own property in

Vietnam, further attracting investment into the property market.

In addition, Circular 36/2014 issued by the State Bank of Vietnam,

which took effect on 2 January 2015, reduces the risk factor for

real estate business loans from 250% to 150% and allows greater

use of short-term capital for long-term loans by doubling the rate

from 30% to 60%, thus increasing the Bank’s ability to lend. These

changes are expected to be positive factors for the property

market.

According to BMI research, Vietnam’s population now exceeds

90 million, 35% of which is in the youngest age groups. These

younger groups demonstrate the highest demand for housing,

hospitality and retail. Since the average person requires 15sqm

of living area, demand for living space will be approximately 500

million sqm. The total of residential space in Vietnam is currently

about 100 million sqm. Given such favorable conditions as stable

politics, a recovering economy, and rich natural resources, there

should be strong growth in demand for the property and hospi-

tality sectors in the years ahead.

According to Savills Vietnam, the nation’s property market is now

at the bottom of its cycle. It is expected that in 2015, increased

foreign direct investment in real estate will help to clear unsold

inventory and restart some stalled projects.

Blueprint for 2015

The Group believes that 2015 will be a “Breakthrough Year”on

every front. Vingroup’s principal mission is to concentrate on

achieving growth in all business sectors. The Group will also

focus on developing human resources, strengthening gover-

nance, with the aim of maintaining its position as one of the

leading private enterprises in Vietnam.

Recurring revenue

The Group continues to maintain steady revenue growth from

Vinhomes residential projects such as Vinhomes Times City,

Vinhomes Royal City, the Vincom shopping malls, Vinpearl

hotels and resorts, Vinpearl Land entertainment services,

Vinschool education system, Vinmec healthcare and medical

service as well as the other retail brands of the Group.

In 2015, Vingroup will start new Vinhomes projects in Hanoi,

Ho Chi Minh City, Bac Ninh, Ha Tinh, and Can Tho. The Group

will complete three Vinpearl Premium hospitality complexes in

Nha Trang and Phu Quoc and begin Vinpearl Resort H

vin ar15 masterenglish digital 150415

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